SPK Liquidation Schedule: How Investors’ Funds Will Be Paid

The Capital Markets Board (SPK) has set a stringent timetable to safeguard the rights of 550,000 investors and convert assets into cash. The liquidation process is positioned as one of the most comprehensive fund wind‑downs in the history of Turkish capital markets. İş Bankası AŞ and Ziraat Bankası have been authorized as custodians for the funds to be liquidated. While Tera Portfolio’s funds will be managed by İş Bankası, the funds founded by A1 Capital, Atlas, Bulls, Hedef, Pardus, and Pusula Portfolio fall under Ziraat Bankası’s responsibility. Once trading of the funds is halted, the proceeds will be transferred to investors’ individual custody accounts in proportion to their participation shares. This transfer will be executed through the accounts of the two banks involved. The liquidation is slated to be completed within three months, with the possibility of extension by board decision if necessary. At the outset, within two business days, a reconciliation of participation shares and account details will be conducted between the Central Depository (MKK) and the banks. Assets will remain held in Takasbank accounts, and the receivables‑payables reconciliation will be finalized within a maximum of ten business days. For funds liquidated under the SPK decision on 17 September, orders placed before 13:30 local time will receive priority payment; post‑13:30 refund instructions will also be considered within the liquidation framework. Upon completion, the trading registry entries for the relevant funds will be deleted, and settlements with investors will be effected. This is not investment advice.